[quote name='fuerza']I noticed this as well (probably in the same area because I also have 3 Targets near me??) and considered doing this but eventually chickened out thinking it would never work. I'm going to try it tonight.

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Hey Fuerza, got your PM. I'm on the westside, but any intel you can shoot me from the Valley I would appreciate. I'll do the same for west and central LA.
Honestly, with such a ridiculous price discrepancy - over $90 difference including tax, I didn't think I had a chance in hell of it working. I certainly wasn't going to push it at all, just leave it there returned if I got denied, and if I found it later on the shelf great if not oh well. Just go in with the mindset that you have nothing to lose by trying. It's certainly not illegal by any stretch, it's merely against Target's store policy to re-sell you a returned item immediately. If their stores all charged the same amount for the exact same item, clearance or no, this opportunity for arbitrage wouldn't exist.
[quote name='iflabs']They salvaged mine when I did it (not Lego) years ago. lol[/QUOTE]
There's certainly the risk they will salvage the returned item (among other things like any number of employees holding it for themselves), but in the couple of instances (out of dozens) that I've been denied the opportunity to immediately re-purchase an item after returning it, I merely request the opportunity to cancel/undo the return transaction. They have accomodated that request both times. Then I merely try again at another store or at another time at the same store. I most recently did this for the Uncharted 3 C.E., where I had purchased it for $69.98 (30% off), and was attempting to get it adjusted to $29.98 (70% off).